9:7:11 - BLS442 9/7/11 Presentation:StudentLoans...

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BLS 442 9/7/11 Presentation: Student Loans Discharge of student loans Greater than credit card debit- we will be sending our kids to college  without having paid off our debts Private Loans For-profit organization Very little ability to cancel Get ride of it: o Death o Total and permanent disability o False certification o Closed school o Full-time teaching o Bankruptcy- must prove “undue hardship” Public Loans Received from governments FAFSA Carious circumstances for cancellation Complicated and unlikely  Parole evidence rule : written contracts that say what happened or what was said before is  inadmissible  Exceptions - If the contract is incomplete  - If the contract is ambiguous  - Surrounding circumstances i.e. fraud  Holder: mere holder - Rights and liability of an assignee (puts you in a weak legal position)   Holder in due course  (HDC) – innocent purchaser 1. Holder (know definition)
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BLS 442 9/7/11 2. Gives value 3. Take the instrument in good faith 4. Take without notice Value : agreed consideration performed  H1—transfer instrument   H2 H1 ----------value------------ H2:  holder in due course  Value = consideration – executory promises  Executory promise:  when either action being performed in a contract has not been  performed (means that is it already completed) Value - Present, not future - Not executory promises - Not a gift  - Not an inheritance  Value IS antecedent claims  H1 ---- promissory note----> H2 H1<-------- check $1200 -----H2 Payable 12/31/15 This WOULD be considered value** H1 -------- instrument----> H2 I I value  I v H3 Good Faith
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BLS 442 9/7/11 1. Duty to inquire 2. Surrounding circumstances
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This note was uploaded on 01/16/2012 for the course BLS 342 taught by Professor Miller during the Fall '08 term at Miami University.

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9:7:11 - BLS442 9/7/11 Presentation:StudentLoans...

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